SB 18-265

  • Colorado Senate Bill
  • 2018 Regular Session
  • Introduced in Senate Apr 20, 2018
  • Senate
  • House
  • Governor

Child Care Savings Account Income Tax Benefits


Section 1 of the bill establishes a child care savings account, which is an account with a financial institution from which an individual uses money to pay a child care facility for the care of a dependent who is less than 6 years old (account). To be eligible to create an account, an individual must have federal taxable income of less than $90,000, or, in the case of individuals filing a joint return, $180,000. A taxpayer may claim a credit that is equal to 10% of the amount that the taxpayer contributes to an account. The maximum credit allowed for an income tax year for a contribution to a single account is $250. A taxpayer may contribute to multiple accounts but cannot claim more than $25,000 of credits in an income tax year. A credit for a contribution to one's own account is refundable. All other credits are not refundable, but unused credits may be carried forward up to 5 years. Money in the account may only be used for payments to the child care facility or bank fees. If an individual uses money for an unauthorized purpose, then any credit given for such amount is subject to recapture in the year it is withdrawn and there is a penalty equal to 10% of the credit recaptured. The department of revenue is required to establish forms that an individual must annually file related to an account. Section 2 allows an account holder to subtract an amount equal to the interest or income earned during the income tax year from the money in an account from his or her federal taxable income.(Note: This summary applies to this bill as introduced.) , Read More

Bill Sponsors (1)


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May 02, 2018


Senate Committee on Appropriations Postpone Indefinitely


May 01, 2018


Senate Committee on Finance Refer Unamended to Appropriations

  • Referral-Committee
Finance Appropriations

Apr 30, 2018


Senate Committee on State, Veterans, & Military Affairs Refer Amended to Finance

  • Referral-Committee
Finance State, Veterans, & Military Affairs

Apr 20, 2018


Introduced In Senate - Assigned to State, Veterans, & Military Affairs

  • Introduction
State, Veterans, & Military Affairs

Bill Text

Bill Text Versions Format
Committee Amendment PDF
PA1 (05/01/2018) PDF
Introduced (04/20/2018) PDF

Related Documents

Document Format
Fiscal Note SA1 (05/02/2018) PDF
Fiscal Note FN1 (04/27/2018) PDF
Fiscal Note FN2 (05/02/2018) PDF
Fiscal Note FN3 (06/01/2018) PDF


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